EPAM Systems, Inc.
EPAM 6Price and target zones价格与目标区间
What the company does公司做什么
EPAM Systems builds custom software for large companies. It designs, builds, and runs digital systems for banks, retailers, and other big businesses. The company started with software engineers in Eastern Europe. Today it has staff in more than 50 countries. EPAM does not sell its own software products. It sells the work of its engineers and consultants to other companies.EPAM Systems为大型企业开发定制软件。该公司为银行、零售商等大企业设计、构建和运维数字系统。公司最初由东欧的软件工程师创办。如今其员工遍布50多个国家。EPAM不销售自有软件产品，而是向其他公司出售工程师和顾问的服务。
Earns from营收来源 EPAM earns money by charging companies for software engineering work, done by its own staff on long projects and contracts.EPAM通过向企业收取软件工程服务费用来赚钱，这些工作由其自有员工在长期项目和合同中完成。
Read the full description查看完整介绍
EPAM Systems, Inc. provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; cloud services for creating a roadmap to set and refine IT and business goals while identifying new and emerging opportunities leveraging cloud technologies; data, analytics, and artificial intelligence; customer experience; marketing; and cybersecurity. It also offers operation solutions comprising integrated engineering practices and smart automation services. In addition, the company offers software product and platform development services, which comprise product research, customer experience design and prototyping, program management, component design and integration, full lifecycle software testing, product deployment and end-user customization, performance tuning, product support and maintenance, managed services, as well as cross-platform migration and modernizing legacy platforms. The company has a collaboration with Wiz to help organizations turn cloud risk intelligence into continuous, AI-powered, and engineering-led remediation across complex multi-cloud environments. The company serves the financial services; consumer goods, retail, and travel; software and hi-tech; business information and media; life sciences and healthcare; and emerging vertical industries. EPAM Systems, Inc. was founded in 1993 and is headquartered in Newtown, Pennsylvania.
Revenue breakdown营收构成 share of revenue营收占比
This is EPAM's largest industry group. Clients include banks, insurance companies, and payment firms. EPAM builds and updates the software these firms use to run digital banking, process payments, and manage risk. This group grew fast in 2025, up nearly 29% from the year before.这是EPAM最大的行业类别。客户包括银行、保险公司和支付公司。EPAM为这些公司开发和更新用于数字银行、支付处理和风险管理的软件。该类别在2025年增长迅速，同比增长近29%。
Clients in this group sell products or travel services directly to the public. EPAM builds e-commerce platforms, loyalty programs, and booking systems for stores, brands, and travel firms. This group grew about 6% in 2025, slower than EPAM's other big industry groups.该类别的客户直接向公众销售产品或旅游服务。EPAM为商店、品牌和旅游公司构建电子商务平台、会员忠诚计划和预订系统。该类别在2025年增长约6%，慢于EPAM其他主要行业类别。
This group covers industries outside EPAM's five main categories, such as energy, manufacturing, and the public sector. It is EPAM's fastest-growing group, up almost 27% in 2025, and now the company's second-largest by revenue.该类别涵盖EPAM五大主要类别以外的行业，例如能源、制造业和公共部门。这是EPAM增长最快的类别，2025年增长近27%，目前已成为公司第二大营收来源。
These clients are technology firms that need extra engineering help to build their own products. EPAM works alongside their in-house teams to design and build software, cloud systems, and platforms. This group grew 17% in 2025.这类客户是需要额外工程支持来开发自身产品的科技公司。EPAM与客户的内部团队合作，共同设计和构建软件、云系统和平台。该类别在2025年增长17%。
Clients in this group create, manage, or sell information, such as news, data, and research. EPAM builds the digital platforms these firms use to publish, distribute, and monetize content. Revenue in this group was flat in 2025, growing less than 1%.该类别的客户从事信息的创建、管理或销售，例如新闻、数据和研究报告。EPAM为这些公司构建用于发布、分发和实现内容变现的数字平台。该类别2025年营收基本持平，增长不到1%。
Clients include pharmaceutical companies, health insurers, and hospital systems. EPAM builds software for clinical trials, patient records, and health data management. This group grew almost 9% in 2025.客户包括制药公司、健康保险公司和医院系统。EPAM为临床试验、病历管理和健康数据管理构建软件。该类别在2025年增长近9%。
Company facts公司资料
- Founded成立时间
- 1993
- Headquarters总部
- Newtown, Pennsylvania
- Employees员工人数
- 62,850
- Industry行业
- Information Technology Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 +19% in 14 days. ~7.1x fwd, net cash $1.27B, buying back ~10% of float — but no-moat (Morningstar) + stalled organic growth (2.5-5% cc). FV $100-150. HOLD the stub; do NOT add as a fresh position — correlated with ACN/CTSH/IBM.
📋 14 天内 +19%。 ** 前瞻市盈率约 7.1x,净现金 $1.27B,正回购约 10% 的流通股 — 但无护城河(Morningstar)+ 有机增长停滞(按固定汇率 2.5-5%)。 合理价值 $100-150。 持有现有小仓位;不要作为全新仓位加仓** — 与 ACN/CTSH/IBM 相关。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 11%
- Revenue growth营收增长
- +4%
Competitors竞争对手
Why customers stay客户为什么留下
EPAM's main advantage is a large pool of skilled software engineers, many trained in Eastern Europe, who can handle complex, custom projects for big clients. This depth of talent lets EPAM take on harder engineering work than many rivals, and clients often stay for many years once a system is built. But this is a people-and-process strength, not a product moat. Growth is slow — organic growth was about 5% in fiscal 2025, and much of the headline growth came from acquisitions. EPAM's own filing warns that AI is a demand risk, because the same AI tools it sells can shrink its billable coding work. A large share of its staff also sits in Ukraine and Belarus, which adds geographic risk.EPAM的主要优势在于拥有一支庞大的熟练软件工程师队伍，其中许多人在东欧接受培训，能够为大客户处理复杂的定制项目。这种人才深度使EPAM能够承接比许多竞争对手更难的工程工作，而且系统建成后客户往往会长期合作。但这是一种人才与流程上的优势，而非产品护城河。公司增长缓慢——2025财年的有机增长约为5%，其中很大一部分总增长来自收购。EPAM在自己的文件中警告称，AI是一项需求风险，因为它所销售的同类AI工具可能会减少其按小时计费的编程工作量。此外，公司很大一部分员工位于乌克兰和白俄罗斯，这带来了额外的地域风险。
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Manage as one position. Do not add a second name to raise exposure.
Recent news近期新闻 last 7 days近7天
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